The Nigerian banking industry is currently undergoing a major transformation, driven by the Central Bank of Nigeria (CBN)’s ambitious recapitalisation targets. 

As the March 31, 2026, deadline looms, a remarkable 12 banks have already met or surpassed the required capital thresholds, signalling a positive shift for both investors and the wider economy. 

These banks have employed a combination of innovative strategies, including rights issues, private placements, and capital injections, to raise billions and fortify their financial positions.

The change in the Nigeria’s financial landscape

Nigeria’s financial sector is undergoing one of its most significant changes. The CBN, under the leadership of Governor Olayemi Cardoso, set strict capital raising targets for banks to strengthen the industry and ensure that Nigerian lenders remain competitive on the international stage. 

This move is aimed at improving the stability of Nigerian banks, allowing them to expand their services, take on more risk, and contribute to economic growth.

The good news is that 12 banks have already met the capitalisation targets, far ahead of the deadline. Their success in meeting the CBN’s requirements demonstrates the strength of investor confidence in Nigeria’s banking sector, as well as strategic planning by the banks themselves.

The banks that have surpassed the target

Access Holdings
Access Bank was the first to cross the line, raising an impressive ₦365 billion through a rights issue. This move highlights the bank’s ambition to maintain its leadership as Nigeria’s largest lender. By securing this capital early, Access Bank is not only complying with regulatory demands but also reinforcing its dominant position in the market.

Zenith Bank
Zenith Bank followed closely, securing over ₦350 billion in fresh equity. The bank’s strong capital position reassures both retail and institutional investors, reinforcing its stability and long-term prospects in the financial sector.

GTBank (GTCO)
GTBank made a bold move by injecting ₦365.85 billion into its operations. This raised its paid-up capital from ₦138 billion to over ₦504 billion, comfortably surpassing the CBN’s ₦500 billion international benchmark. This capital boost puts GTBank in a strong position to compete internationally.

Ecobank
Ecobank leveraged its extensive pan-African presence and a solid balance sheet to meet the CBN’s international tier capital requirement. With its compliance, Ecobank solidifies its status as a key player in the African banking landscape.

Stanbic IBTC
Stanbic IBTC, backed by its South African parent, Standard Bank, managed to remain in the elite list of compliant international banks. This support helped the bank stay competitive and well-positioned to serve Nigeria’s evolving market.

Wema Bank
Wema Bank raised ₦200 billion, powered largely by its successful digital platform, ALAT. This strong retail-driven model helped Wema Bank become one of the standout national banks in Nigeria, capable of meeting both customer needs and regulatory requirements.

Providus Bank
Providus Bank raised over ₦102 billion in 2025 alone, and while it is still awaiting final regulatory confirmation, it is already considered compliant with the recapitalisation target. This achievement positions Providus as an emerging player in the Nigerian banking sector.

Globus Bank
Globus Bank raised over ₦200 billion through a combination of equity raises, highlighting its aggressive expansion strategy. Its growth reflects the strong investor confidence in its future prospects and the bank’s drive to scale quickly.

Premium Trust Bank
Despite being a relatively new entrant, Premium Trust Bank achieved the ₦200 billion capitalisation target, making it one of the youngest banks to do so. CEO Emmanuel Emefienim referred to this milestone as “a defining moment,” one that will enable the bank to offer loans for critical sectors like infrastructure and agriculture.

Greenwich Merchant Bank
Greenwich Merchant Bank achieved compliance through a mix of capital injections and debt-to-equity conversions. This move strengthens its position as a specialized investment bank, ready to take on more significant deals.

Jaiz Bank
Jaiz Bank, a non-interest bank, met its capitalisation threshold of ₦20 billion. This reinforces its position as a leader in Islamic finance in Nigeria, catering to the growing demand for Sharia-compliant banking products.

Lotus Bank
Similar to Jaiz Bank, Lotus Bank, another non-interest institution, also met the required capitalisation target. It remains an important alternative banking option for Nigerians seeking Islamic finance solutions.

What this means for Nigeria’s economy

The recapitalisation of these 12 banks is more than just a regulatory milestone, it’s a significant development for Nigeria’s economy. Well-capitalised banks will now have more flexibility to provide loans to critical sectors like infrastructure, energy, and manufacturing, all of which are essential for the country’s economic growth.

The rise in investor confidence, highlighted by the share price surges of banks like Wema (+900%) and Fidelity (+1,100% since 2020), indicates that the market sees these moves as a sign of long-term stability and growth potential. 

The banks that have already met their recapitalisation targets are now better positioned to support Nigeria’s ambition of becoming a $1 trillion economy.

Other banks still raising capital

While 12 banks have already met or exceeded the recapitalisation requirements, several major players are still in the process of raising funds. Banks like UBA, FirstBank, Fidelity, FCMB, and Sterling Bank are still working through rights issues, private placements, and asset sales to meet the CBN’s targets. 

Some banks are even exploring mergers, such as Providus with Unity Bank and Union Bank with Titan Trust Bank, as part of their strategy to reach the necessary capital levels.

A Stronger, More Resilient Banking Sector

Nigeria’s recapitalisation drive is progressing faster than expected, with nearly ₦3 trillion already raised of the ₦4 trillion target. This early success signals a more resilient banking system that can better withstand financial shocks and provide more support to Nigeria’s growing economy.

For everyday Nigerians, this transformation means safer banks and better access to credit, which will likely lead to greater economic opportunities. As the recapitalisation process continues, the financial sector is poised to become an even stronger engine for Nigeria’s growth.